N25.06bn Paid To Retirees In 18 Months – Lagos Govt
The Lagos State Government has said it paid N25.06bn to 5,819 retirees in the state in the last 18 months.
The Lagos State Governor, Babajide Sanwo-Olu, disclosed this during the 81st retirement bond certificate presentation ceremony to retirees of the Lagos State public service on Friday.
He said, “It is gratifying to note that since the advent of this present administration, the state government has paid a sum of N25,063,027,924.86 into the Retirement Savings Account of retirees in the Mainstream, Local Government, State Universal Basic Board, Teaching Service Commission and other parastatals of the state government.
“I am happy to report that 5,819 retirees are enjoying their retirement benefits under the Contributory Pension Scheme in the past 18 months of my administration.”
The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, said Lagos would present another set of 471 retirees with over N2bn, being their past service benefits prior to the commencement of the CPS in 2007.
He said earlier this year, the commission launched a robust retirees’ portal to enable retirees to communicate all enquiries and complaints to LASPEC seamlessly.
He said, “Since the inception of the Contributory Pension Scheme in Nigeria, Lagos State has remained focused and resolute to the ideals of the scheme.
“The state government has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is the only state in the federation that does not owe monthly pension contributions.
“Both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received.”
The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, said, “We know the liabilities are huge but government remains committed to the welfare of both serving and retired employees of government.
“Staff salaries are paid promptly, and pensions payments to retirees under the Pay As You Go Pension Scheme are paid monthly, while LASPEC ensures payment of accrued pension rights to retirees under the Contributory Pension Scheme to enable them to access their RSA without delay.”
She said the state government had made continuous monthly payments of accrued pension rights into RSAs a priority to ensure retirees have access to their retirement bond benefits.